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mars1129 [50]
2 years ago
12

The Harris Company purchased equipment for $15,000 on December 1. It is estimated that annual depreciation on the computer will

be $3,000. If financial statements are to be prepared on December 31, the company should make the following adjusting entry
Business
1 answer:
kvv77 [185]2 years ago
7 0

The entry will include Depreciation Expenses for $1,750 and Accumulated Depreciation for $1,750

Here, we are to first calculate the Depreciation expenses while observing that the date runs for 1 month (From December 2 - December 31).

The depreciation expense will equals Annual depreciation of computer * 1/12

Depreciation expense = $3,000 * 1/12

Depreciation expense = $250

The adjusting entry will entails:

Date     Account titles and explanation            Debit     Credit

31 Dec   Depreciation expenses                         $250

                    Accumulated depreciation                            $250

            (Entry to record depreciation expenses)

Learn more about from related question here

<em>brainly.com/question/5185201</em>

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Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upco
inessss [21]

Answer:

<u>Over Applied Overhead      = $ 4000</u>

Actual Manufacturing Overhead = $45,000

Manufacturing Overhead Applied = $ 49,000

Explanation:

                                          Job 101        Job 102        Job 103

Total Direct materials      $ 19,200     $ 14,400       $ 9,600       $ 43,200

Direct labor                    $ 28,800       $ 11,200        $ 9,600      $ 49,600

Machine hours              1,000 hrs        4,000 hrs      2,000 hrs   7,000 hours

<u>Manufacturing overhead   $ 7000       $ 28,000      14,000 </u>

<u>Total                                $ 55,000         53,600        33,200</u>

Actual overhead costs recorded during the first month of operations totaled $45,000.

<u>Journal Entries </u>

<u>Sr. No                    Particulars                 Debit                   Credit</u>

Job 102              Finished Goods           53,600

                           Work In Process                                     53,600

A journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion.

Job 101                Sales                         60,000

                        Cost Of Goods Sold                              60,000

Journal entries to recognize the sales revenue and cost of goods sold for Job 101.

Job 101              Cost of Goods Sold        55,000

                          Finished Goods Inventory                  55,000

Manufacturing Overhead Applied =   $ 7000 + $ 28,000+14,000 = $ 49,000

Job 101 = 1000/60,000 * $ 420,000= $ 7000

Job 102 = 4000/60,000 * $ 420,000= $ 28000

Job 103 = 2000/60,000 * $ 420,000= $ 14000

Actual Manufacturing Overhead = $45,000

<u>Over Applied Overhead      = $ 4000</u>

                                   

      Manufacturing Overhead  Accounts $ 4000  debit                  

              Cost of Goods Sold          $ 4000 Credit

Entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold.

(Entry to reduce the amount of Over applied Overhead)                                

                         

6 0
3 years ago
Is the yield to maturity on a bond the same thing as the required return? Is YTM the same thing as the coupon rate? Suppose toda
kiruha [24]

Answer:

Explanation:

The yield to maturity on a bond is the same thing as the required return. The YTM and the coupon rate is a totally different thing. The coupon rate is the interest which is computed on the principal amount whereas yield to maturity is a rate which is held at the maturity and its rate is also generated in maturity date.  

So, in the given case, the Coupon rate is 10% and the YTM is 8% as it reflects the maturity i.e two years from now

6 0
3 years ago
An industry analysis for manufacturers of a small personal care gadget observed the following characteristics: 1. Industry sales
mina [271]

Characteristics 4 and 5 would be typical of an industry that is in the start-up stage.

Explanation:

  • Following characteristics would be typical of an industry that is in the start-up age :
  • 4. The current penetration rate in the United States is 60% of households and will be difficult to increase.
  • The households between $1 million and $2 million in net worth is given below :
  • $1,000,000 in wealth is near the 88% in America.
  • Around 15,117,804 are households that matched this bracket or more.
  • 5 Manufacturers compete fiercely on the basis of price, and price wars within the industry are common.
  • There are certain strategies which includes
  • price matching,
  • evaluating the competitors,
  • product re-branding,
  • creative advertising and marketing
3 0
3 years ago
Hoi Chong Transport, Ltd., operates a fleet of delivery trucks in Singapore. The company has determined that if a truck is drive
Natali [406]

Answer:

1. Variable cost is $0.061 or 6.1 cents per unit

  Fixed Cost is $12,654

2. Y = $12,654 + $0.061X

3. $21,316

Explanation:

1.

Cost at 171,000 km = 171,000 x $13.5/100 = $23,085

Cost at 114,000 km = 114,000 x $17.2/100 = $19,608

High low method separates the fixed cost and variable cost using net of Highest activity level and Lowest activity level and net of their relevant costs.

According to High low method

Variable cost per unit = ( Highest activity cost - Lowest activity cost ) / ( Highest Activity - Lowest activity )

Variable cost per unit  = ( $23,085 - $19,608 ) / ( 171,000 - 114,000 )

Variable cost per unit  = $3,477 / 57,000

Variable cost per unit  = $0.061

Fixed operating cost = Total cost - Total Variable cost = $19,608 - ( 114,000 x $0.061 ) = $12,654

2.

Y = a + bX.

Y = Total cost

a = Fixed cost = $12654

b = Variable cost per unit = $0.061 or 6.1 cents

Y = $12,654 + $0.061X

3

Total Distance travelled = X = 142,000 km

Y = $12,654 + $0.061 ( 142,000)

Y = $12,654 + $8,662

Y = $21,316

Total Cost is $21,316

7 0
3 years ago
The city of​ Belgrade, Serbia, is contemplating building a second airport to relieve congestion at the main airport and is consi
sertanlavr [38]

Answer:

Alternatives                                          Airport at X Airport at Y

Buy land at X                                                 6             -14

Buy land at Y                                               -21             12

Buy land at X and Y                               -15                 -2      

Do nothing                                                 0              0

probability                                                   0.55              0.45

Payoff if you buy land at X = (0.55 x 6) + (0.45 x -) = -3

Payoff if you buy land at Y = (0.55 x -21) + (0.45 x 12) = -6.15

Payoff if you buy land at X and Y = (0.55 x -15) + (0.45 x -2) = -9.15

Payoff for doing nothing = 0

The best option is simply doing nothing. The risks are too high, the potential losses are very large and the benefits are really low.

4 0
3 years ago
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